Prosperity Bank of El Campo launched a foreclosure action against Walter Quinn, seeking possession of the Little Rock businessman’s 7,490-SF home in the Riverview Point neighborhood.
You might recall the bank filed a $4.9 million consent judgment against Quinn last November in Tulsa’s federal court.
The debt is personally guaranteed by Quinn and his wife, Terry, as well as the Quinn Living Trust, which owns the residence.
Other entities tied to the consent judgment are Quinn Investments Ltd., Quinn Management Co., RX Finance LLC, Rock Exploration LLC, Rock Oil & Gas LLC, QF Holdings LLC and the Walter Quinn Irrevocable Family Heritage Trust.
Absent from the list was Wild Wing Farms LLC, led by Quinn. The 923-acre hunting-agri spread in Arkansas County has been sold in a two-part $10 million transaction culminating in June.
The 2015 judgment and 2016 foreclosure are linked with a pair of delinquent loans. One loan originally totaled nearly $14.7 million and dated back to Sept. 28, 2012. The other originally totaled $3 million and dated back to June 28, 2010.
Last year, we also told that Prosperity inherited the two contentious loans through its 2014 acquisition of F&M Bank & Trust of Tulsa for a $255 million combination of stock and cash.
Rock Bancshares Inc. stock was part of the collateral equation in a forbearance agreement between Quinn and Prospect last year.
Quinn is a leading shareholder in Rock Bancshares, parent company of Little Rock’s $227 million-asset Heartland Bank. He stepped down as a bank director and as chairman, president and CEO of Rock Bancshares.